The USD/CAD forex pair is popularly referred to as the вЂњLoonie.вЂќ вЂњLoonieвЂќ is a colloquial term that refers to the Canadian dollar coin. This marked the beginning of trading between the USD and the CAD. At that time, the value of the Canadian dollar was fixed in terms of gold, and it was valued at par with the U.S. Trading The вЂњLoonieвЂќД«etween 18, the Dominion of Canada was under the gold standard. For example, if the USD/CAD exchange rate is 1.32, it means that 1 USD is equal to 1.32 Canadian dollars. As stated above, the price quote of the USD/CAD essentially represents the number of dollars it would take to acquire one Canadian dollar. When the opposite happens, that is, the price of the USD/CAD is falling, the Canadian dollar is increasing in value in comparison to the USD. To put it into perspective, when the price of the USDCAD pair is rising, it means that the USD is strengthening over the value of the Canadian dollar. The USDCAD is an exchange rate that specifies how many CAD can be converted into one USD. The USDCAD currency pair represents the price of the base currency (USD) in relation to the quote currency (CAD). The major currency pairs are the most frequently traded on the Forex market, and as a result, they have huge daily trade volumes, enjoy tighter spreads and are more liquid than the minor currency pairs. This currency pair belongs to the вЂњmajorsвЂќ group as it contains the US dollar, which is recognised as the most powerful and popular currency in the world. The USDCAD is the ticker for the US dollar (USD) to the Canadian dollar (CAD) exchange rate in the forex trading markets.

Usd cad exchange rate